Clean Energy Applauds Newly-Enacted State of Texas Legislation to Increase Natural Gas & Other Alternative Fuel Vehicle Use i...
June 24 2009 - 8:00AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq:CLNE) today announced its
support for newly approved State of Texas legislation that is
targeted to increase the number of alternative fuel vehicles,
including natural gas-fueled vehicles, in both state agency and
private vehicle fleets.
Providing financial incentives in the form of grant funding, the
state�s new Clean Fleet Program �SB1759� encourages private fleet
owners to replace their medium-to-heavy-duty diesel vehicles with
alternative fueled-models, including those powered by clean, green
natural gas.
The Texas Clean Fleet Program, effective Sept. 1, 2009,
initially allots $6 million per fiscal year for 2010 and 2011 to
fleet owners to help fund their vehicle replacement process. The
legislation anticipates extending the program through August 2017,
which would represent funding of approximately $48 million over the
life of the program if funded at initial levels. The Clean Fleet
legislation amends the Texas Emissions Reduction Plan (TERP),
enacted in 2001 to improve air quality in Texas. The TERP program
is aimed at reducing nitrogen oxide emissions from diesel
engines.
Companion legislation � newly-enacted HB 432 � amends the
current state�s Fleet Alternative Fuel Program to mandate that 50%
of the state�s 27,000 fleet vehicles must use clean alternatives
fuels like compressed natural gas (CNG) 80% of the time. The only
exceptions are for law enforcement or emergency vehicles, or if an
agency demonstrates that it is not cost-effective to meet the
requirements. Although state agencies must meet the requirements by
September 1, 2010, the legislation will likely be phased-in as
diesel and gasoline-powered state fleet vehicles come up for
replacement.
Clean Energy (Nasdaq:CLNE) is the leading provider of
natural gas (CNG and LNG) for transportation in North America. It
has a broad customer base in the refuse, transit, ports, shuttle,
taxi, trucking, airport and municipal fleet markets, fueling more
than 17,200 vehicles at 184 strategic locations across the United
States and Canada. Clean Energy owns and operates two LNG
production plants, one in Willis, TX and one in Boron, CA, with
combined capacity of 260,000 LNG gallons per day and designed to
expand to 340,000 LNG gallons per day as demand increases. It also
owns and operates a landfill gas facility in Dallas, TX that
produces renewable methane gas or biogas for delivery in the
nation�s gas pipeline network.
Forward-Looking Statements This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 that involve risks, uncertainties and assumptions,
including the number of natural gas vehicles purchased by Texas
fleets. Actual results and the timing of events could differ
materially from those anticipated in these forward-looking
statements as a result of several factors including the
availability of natural gas vehicles, the availability of the
funding for the programs, and the economic viability of natural gas
vehicles. The forward-looking statements made herein speak only as
of the date of this press release and the company undertakes no
obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances.
Clean Energy Fuels Corp. has filed a registration statement
(including a prospectus) with the Securities and Exchange
Commission for the offering to which this communication relates.
Before you invest, you should read the prospectus in that
registration statement, the preliminary prospectus supplement
relating to the offering, and other documents Clean Energy has
filed with the SEC for more complete information about Clean Energy
and the offering. You may get these documents for free by visiting
the SEC�s website at www.sec.gov. Alternatively, a copy of the
prospectus supplement and prospectus relating to these securities
may be obtained, when available, by contacting Merrill Lynch &
Co., 4 World Financial Center, New York, New York 10080, telephone:
866-500-5408.
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